Analyst Upgrades: Goldman Sachs, Micron, BioMarin Pharmaceutical

Analysts upwardly revised their ratings and price targets on Goldman Sachs Group Inc (NYSE:GS), Micron Technology, Inc. (NASDAQ:MU), and BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Feb 16, 2016 at 9:25 AM
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Analysts are weighing in on banking stock Goldman Sachs Group Inc (NYSE:GS), chipmaker Micron Technology, Inc. (NASDAQ:MU), and drugmaker BioMarin Pharmaceutical Inc. (NASDAQ:BMRN). Here's a quick roundup of today's bullish brokerage notes on GS, MU, and BMRN.

  • GS is poised to maintain Friday's upward momentum, after a bullish note from J.P. Morgan Securities. The brokerage firm lifted its opinion on Goldman Sachs Group Inc to "overweight" from "underweight," and upped its price target by $10 to $180 -- a 23% premium to Friday's close at $146.13 -- saying it expects the bank to buy back shares since its stock is trading below tangible book value. Additionally, it named GS a "top pick" among U.S. investment banks. Shares of GS are now 1.9% higher in electronic trading, as they look to recover from a nearly 19% year-to-date hole. Sentiment in the options pits is certainly bullish. The stock's 10-day call/put volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) of 1.82 lands in the 70th annual percentile
  • An upgrade to "buy" from "neutral" for MU at Mizuho is seemingly taking precedent over a trio of price-target cuts from CLSA, Nomura, and Wedbush this morning, as the shares are up 3.2% ahead of the open. This potential pop would mark a change of pace for the shares of Micron Technology, Inc., which have taken a 69% year-over-year nosedive to trade at $10.02. However, short-term speculators have remained more call-skewed than normal. This is according to MU's Schaeffer's put/call open interest ratio (SOIR) of 0.43, which is just 2 percentage points from a 12-month low. 
  • BMRN is on track to take advantage of an upgrade to "buy" at Stifel, adding 3.5% in pre-market trading. Shareholders would certainly welcome this price action, since the stock hit an annual low of $62.12 a week ago. In fact, BioMarin Pharmaceutical Inc. has trailed the S&P 500 Index (SPX) by over 28 percentage points in the past three months, last seen at $70.08. It's not surprising, then, to see option traders so inclined to buy long puts. BMRN's 10-day put/call volume ratio at the ISE, CBOE, and PHLX stands at 2.27 -- in the 93rd percentile of its annual range. 
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